Section 58-34-50 - Liquidation--Distribution of remaining assets to subscribers

58-34-50. Liquidation--Distribution of remaining assets to subscribers.Upon the liquidation of a domestic reciprocal insurer, its assets remaining after discharge of its indebtedness and policy obligations, the return of any contributions of the attorney or other persons to its surplus made as provided in §58-34-34, and the return of any unused premium, savings, or credits then standing on subscribers' accounts, shall be distributed to its subscribers who were such within the twelve months prior to the last termination of its certificate of authority, according to such formula as the director may approve. Source: SL 1966, ch 111, ch 19, §28.